centerpunch said:
It looks like buyer pays 8% premium, AND the seller pays 8% commission.
That means that the car was auctioned for $160,000, but the buyer pays $172,800, and the seller only receives $147,200.
Absolutely correct plus deduct whatever it cost to ship the car to Arizona. But at the end of the day everyone wills ay it sold for $ 172,800 or $ 160,00o and will have no effect anywhere else. This is a one off special phenomenon.
BTW if memory serves me correctly last year one went for $ 315,00 plus premiums.
And yes BJ makes a ton of money 16% on the selling price of each car, so if they sell $ 50,000,000 they get $ 8,000,000 plus $ 500 x 5,000 (Registered buyers) or another $ 2,500,000 plus $ 350 x 10,000 (registers guests) or $ 3,500,000 for a sub-total of $ 10,000,000 +++ add sponsors money, advertising,m television money, etc they have done very, very well for a one week event.